Tuesday, October 27, 2009

GMAC To Bend The Taxpayer Over For Yet More Money

"GMAC, the troubled consumer finance company, is seeking billions of dollars in additional federal aid, a move that would be its third taxpayer bailout and could give the government a majority stake in the company, according to people briefed on the situation."

Looks like Obama is going give GMAC a third helping of up to $6 billion of taxpayer money.  Since Geithner doesn't pay taxes, he probably doesn't care.  Here's the article from the NY Times:  LINK

At a time when close to 20% of this country is either unemployed or "underemployed," people in several cities are now living in tent cities, the Government is borrowing trillions to bail out the big banks and finance big bank CEO bonuses, I really don't see the need to spend billions more in order to save a few union jobs by keeping GMAC's subprime garbage portfolio solvent.  Let Cerberus, the big hedge fund who purchased GMAC from GM and was let off the hook by Obama and Geithner, pony up private money if they so choose.

Perhaps Barak will celebrate this deal by ordering more of that pizza he loves so much from St. Louis, to be flown in to the closing party at the White House.  I don't know about anyone else, but this isn't the visuals I had in mind when Obama was pimping us with grandiose campaign speeches.

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